Midterm Elections Aftermath: 5 New Economic Battles for Obama and the Republicans
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The Daily Beast ^ | 11/02/2010 | Charles Gasparino
Posted on Wed 03 Nov 2010 06:39:36 AM PST by WebFocus
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3. Ending the Fed. If many of the Tea Partiers have their way, the Federal Reserve will go the way of Lehman Brothers and be abolished. While such a radical move isn’t in the cards even if the Republicans win 70 House seats and take the Senate as well, the central bank is likely to come under unprecedented scrutiny with Republicans in Congress and the Tea Partiers and their patron saint, Rep. Ron Paul, gaining power and prestige. Keep in mind that just a couple of years ago, many Americans didn’t know what the Fed was, to say nothing of its role in controlling the money supply and regulating the banking system. Most still have no clue what the Fed really does, but what they do know they don’t like: namely, the Fed’s important if not pivotal role in the 2008 bailouts of the banks and insurance giant AIG. So while Paul may not get his wish, look for Chairman Ben Bernanke to take the place of Wall Street fat cats and Goldman Sachs CEO Lloyd Blankfein on the congressional-hearing hot seat. Let’s just hope Bernanke doesn’t describe his job as “God’s work” or the Fed’s days really may be numbered.
The stupid move just increases the gross national debt by that amount added onto the current number. Their playing with money they do not have as I see it.